Banking in the Philippines has come a long way from the days of long lines and manual transactions. Before, you’d have to visit a bank branch just to deposit money, pay bills, or transfer funds, which could take you hours as you waited in line. Nowadays, mobile banking apps, online fund transfers, and e-wallets have made managing your money faster, easier, and more secure.
Even figuring out how to open a bank account is simpler since many banks (especially digital banks like Maya Bank) now offer online applications, overall making banking more accessible. And there’s the added plus of high interest rates from digital banks compared to traditional banks, with Maya helping consumers achieve as much as 15% p.a. upon meeting certain conditions.
However, one cannot fully appreciate how far we’ve come when it comes to banking technology and innovations without comparing it to the traditional banking methods of the past. In this article, let’s explore different banking changes over the years and see how these have transformed the way we manage money today:
1) The Prevalence of Online and Mobile Banking
Gone are the days when people had to visit a bank branch just to check their balance or send money. With mobile banking apps, you can now do all these tasks in just a few taps on your phone screen.
Even if you’ve got a packed schedule or you’re currently traveling, you can still complete virtually any banking task at your own convenience.
Online and mobile banking have also been particularly helpful for those living in rural areas, allowing them access to banking services even if there are no physical branches nearby. This innovation has contributed towards promoting financial inclusion, giving more Filipinos access to banking services that were once limited to urban areas.
2) Convenient Digital Fund Transfers
Sending money to your family, friends, or business partners used to mean physically visiting a bank or remittance center and filling out forms. Now, with PESONet and InstaPay, bank-to-bank and e-wallet transfers can be done in seconds.
In particular, InstaPay allows instant transactions for a small fee, while PESONet is great for larger amounts processed within banking hours. These services have made online shopping, settling transactions, and sending financial help to loved ones much easier on account holders. The last point is especially important, since some emergency cases such as urgent medical bills require quick fund transfers to ensure no delays.
3) The Rise of E-Wallets and Cashless Transactions
Carrying a bulky wallet filled with cash is slowly becoming a thing of the past. Thanks to e-wallets like Maya, you can now pay for almost any type of purchase—whether that be groceries, food deliveries, transportation, and even small purchases at sari-sari stores—using just your phone. In addition, having your funds in your e-wallet is much safer than carrying cash as it reduces the risk of theft or losing money.
In line with this, QR code payments have made cashless transactions possible even for small businesses. This has since promoted greater financial inclusion, allowing even small- and medium-sized enterprises (SMEs) to tap into digital business solutions and improve the way they provide service.
4) Stronger Security Measures for Safer Banking
Back in the day, bank security relied mostly on passbooks and signatures. While these were useful, they weren’t exactly foolproof. Fraudsters could easily forge signatures or potentially access passbooks, putting people’s hard-earned money at risk.
Today, banks have added extra layers of security like biometric authentication (e.g. fingerprint and facial recognition), one-time passwords (OTP), and real-time fraud alerts. These features better protect you from scams, identity theft, and unauthorized transactions. With digital threats on the rise, these added protections can give you additional peace of mind as you’re banking online.
5) The Accessibility of Loans and Investment Opportunities
Modern banking has also made financial products and investment opportunities more accessible than ever. It used to be that applying for a loan or starting an investment was a long, complicated process, often requiring multiple visits to the bank. Now, many banks and financial institutions offer online loan applications and investment platforms that allow you to access funds or grow your savings with just a few clicks or taps.
Whether it’s a personal loan, house loan, or a high-return investment that you’re looking for, modern banking services have made financial growth more accessible than ever. This is especially helpful for young professionals and small business owners who need quick and hassle-free financial solutions.
6) 24/7 Banking Access and AI-Powered Assistance
Before, banking hours were limited to weekdays. Anything urgent simply had to wait until the next business day. But now it’s possible for you to access your account, transfer funds, and pay bills around the clock through mobile apps and ATMs. Some banks even have chatbots powered by artificial intelligence (AI) that you can rely on to assist you with common banking concerns anytime. This added convenience eliminates the frustration of waiting for banking hours and ensures that you can manage your finances whenever you need to.
As technology progresses, banking will only become more efficient, which means that banking customers can only expect financial services to become even more convenient, secure, and accessible. The innovations mentioned above are just a few of the many improvements that continue to reshape the way Filipinos use banking services today. Take advantage of such advancements to enjoy greater security and flexibility in handling your finances.
